At the end of the second quarter, Elk River Wealth Management LLC announced a reduction in its holdings of shares in Crown Castle Inc. The wealth management firm sold 1,679 shares, resulting in an 8.0% decrease in their overall holdings. At the end of the quarter, Elk River Wealth Management LLC possessed 19,198 shares of Crown Castle stock, estimated to be worth $2,188,000.
Crown Castle is a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker symbol CCI. It recently released its quarterly earnings results on July 20th. The company reported earnings per share (EPS) of $1.05 for the quarter, falling short of the consensus estimate of $1.79 by ($0.74). Despite this miss in earnings expectations, Crown Castle still maintains a strong return on equity of 23.20% and net margin of 23.85%.
During the second quarter, Crown Castle generated revenue amounting to $1.87 billion, slightly exceeding analysts’ consensus estimate of $1.86 billion. This reflects a year-over-year growth rate of 7.7% for the company’s quarterly revenue compared to the same period last year when it earned $1.80 EPS.
Analysts on Wall Street are closely monitoring Crown Castle’s performance and have provided their forecasts for the company’s full-year EPS figure – averaging at around 7.13 EPS.
These recent developments suggest that despite Elk River Wealth Management LLC reducing its holdings in Crown Castle Inc., there remains cautious optimism regarding the REIT’s financial performance in light of upcoming earnings reports and market conditions.
Please note that any investment decisions should be made with careful consideration and consultation with a qualified financial advisor to align with individual investment goals and risk tolerance levels.
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Analyzing Crown Castle Inc.: Recent Investor Activities and Future Prospects
September 24, 2023: A Closer Look at Crown Castle Inc. and Recent Investor Activities
Crown Castle Inc., a leading real estate investment trust (REIT), has recently seen a series of modifications in the holdings of institutional investors and hedge funds. These changes signify a significant level of activity and interest in the company’s stock.
One notable change comes from Naples Global Advisors LLC, which increased its position in Crown Castle by 11.8% during the second quarter. Their ownership now amounts to 29,723 shares valued at $3,387,000 after an additional acquisition of 3,133 shares. Procyon Advisors LLC also followed suit with an increase of 18.4% in their ownership, now holding 8,944 shares valued at $1,019,000 after adding an extra 1,390 shares.
Moreover, Resource Consulting Group Inc. joined the group of investors gaining exposure to Crown Castle by purchasing a new stake worth $868,000 throughout the second quarter. Similarly, Cordatus Wealth Management LLC made a new investment worth $588,000 during the same period.
Furthermore, Farmers & Merchants Trust Co of Chambersburg PA marginally amplified its position in Crown Castle by 2.0% through the acquisition of an additional 350 shares. As a result, they now possess 17,735 shares valued at $2,021,000.
Hedge funds and other institutional investors have played a substantial role in owning CCI stock as well since they collectively own approximately 90.27% of it.
CCI stock experienced a decline during mid-day trading on Friday when it traded down $0.92 to reach $91.98 per share. In this session alone, there were significant transactions involving approximately 3,532,664 shares traded compared to an average volume of 2,966,950 shares.
Analyzing Crown Castle’s financial situation reveals a debt-to-equity ratio of 3.07 alongside current and quick ratios both at 0.50. Moreover, the company’s fifty-day and two-hundred-day moving average prices stand at $102.50 and $114.48, respectively.
The stock has demonstrated a wide range of performance over the past year, reaching its lowest point at $91.62 and its highest at $155.88. With a market capitalization of $39.89 billion, Crown Castle Inc.’s price-to-earnings ratio amounts to 23.35, while its beta stands at 0.64.
On Friday, September 29th, Crown Castle declared its quarterly dividend that will be paid out to shareholders of record on Friday, September 15th. The dividend per share is valued at $1.565, resulting in an annualized dividend of $6.26 with a yield of 6.81%. It should be noted that the ex-dividend date for this dividend was Thursday, September 14th.
Various research firms have issued reports on CCI lately providing valuable insights for investors to consider regarding this stock’s potential value and performance in the market.
For instance, Raymond James lowered their target price from $128 to $126 but maintained an “outperform” rating for the company in their August 22nd research report.
In another report released on Wednesday, August 2nd, Argus initiated coverage on Crown Castle recommending a “buy” stance with a price target of $140.
Royal Bank of Canada revised their target price for CCI from $144 to $125 while sustaining an “outperform” rating according to their analysis published on Monday, July 24th.
However, Bank of America had a different outlook on Crown Castle as they downgraded it from “buy” to “neutral”. They set a price target of $115 based on their report issued on Thursday, August 10th.
StockNews.com’s view on Crown Castle aligns with this neutral sentiment, as they initiated coverage on Thursday, August 17th, and advise a “hold” rating for the company.
It is worth mentioning that among the analysts who have rated the stock, two have given a sell rating, five suggest holding the stock while eleven recommend buying it. Based on data from Bloomberg.com, Crown Castle currently holds an average rating of “Moderate Buy” with an average price target of $138.56.
The recent increase in institutional investors’ holdings and hedge funds’ activities in Crown Castle indicate a notable level of confidence and interest in the company’s future prospects. While market performance may fluctuate, these developments signify positive momentum for Crown Castle Inc., implying that it may be worthwhile to keep a close eye on this particular REIT moving forward.
